Coromandel International Q3: Net profit more than double to Rs 508 cr

(This report has been updated)   Chennai-based Murugappa Group’s agri solutions company Coromandel International has posted a consolidated net profit of Rs 508 crore during the third quarter of FY25, up 123 per cent compared to Rs 238 crore during the October to December quarter of FY24, mainly driven by a rise in sales volumes in the nutrients and crop protection segments.

 

The company's total income for the quarter ended December 2024 was Rs 7,049 crore versus Rs 5,523 crore for the quarter ended December 2023, up 28 per cent. “We are pleased to report robust performance in Q3FY25, driven by strong sales volumes in the nutrients and crop protection segments, operational excellence across businesses, and continued execution of our strategic initiatives," said S Sankarasubramanian, managing director and chief executive officer, Coromandel International.

 

In the key nutrient and allied business, revenue for the quarter ended December 2024 was Rs 6,363 crore, up 30 per cent compared to Rs 4,892 crore for the same quarter last financial year. Profit before interest and tax was Rs 635 crore versus Rs 257 crore in the corresponding period of the previous year, up 147 per cent. Growth across categories was aided by strong tailwinds such as a good monsoon, higher reservoir levels, and increased crop sowing in target markets.

 

In the crop protection business, revenue for the quarter was Rs 631 crore as against Rs 612 crore for the quarter ended December last financial year, up 3 per cent. Profit before interest and tax was Rs 91 crore versus Rs 82 crore in the corresponding period of the previous year, up 11 per cent.

 

"Recovery in the global agrochemicals market, coupled with the strong performance of innovative, in-licensing products, has supported growth in the crop protection segment. We are promoting sustainable agricultural practices to drive resource efficiency and balanced nutrition and are progressing well in our efforts to scale up nano products and drone-based spraying services," said Sankarasubramanian.

 

The company said that the recent Bhumi Pooja for the new 750,000 metric tonnes per annum NPK (nitrogen, phosphorus, potassium) granulation train at Kakinada marks a significant milestone in its journey to strengthen fertiliser manufacturing capabilities. "This project, alongside the ongoing phosphoric acid and sulphuric acid plants at Kakinada, is progressing well and is expected to bolster our domestic phosphatic fertiliser capacities. These developments also align with the government’s vision of Aatmanirbhar Bharat in phosphatic fertilisers and reduce dependency on imports," he added.  Meanwhile, the Board of Directors at their meeting held on Thursday, have approved an interim dividend of Rs 6 per share (600 per cent on face value of Rs 1 per equity share).